Cirque du Soleil forced to cut 95% of jobs

Posted by Imogen Searra on 30 June 2020

Cirque du Soleil has, like most businesses, suffered a heavy blow due to COVID-19. The company terminated 3,500 staff contracts in a bid to avoid bankruptcy.

The show visited South Africa at the end of 2012 and in March of 2013. The group is known the world over for its mesmerising acts and human artistry. Cirque du Soleil consists of circuses as well as musicals that traverse the globe. The musicals include Michael Jackson One and The Beatles Love.

With the onset of the global coronavirus pandemic, shows have been cancelled and according to BBC, the Canadian-based group has had to let go of 95% of its staff (3,480 jobs).

The firm has come to an agreement with existing shareholders, who will take over the liabilities and invest $300 million into the business.

‘With zero revenue since the forced closure of all of our shows due to Covid-19, the management had to act decisively,’ said Daniel Lamarre, President and CEO of Cirque du Soleil Entertainment Group.

He continued: ‘The Purchase Agreement and SISP provide a path for Cirque to emerge from CCAA protection as a stronger Company. The robust commitment from the Sponsors – which includes additional funds to support our impacted employees, contractors and critical partners, all of whom are important to Cirque’s return – reflects our mutual belief in the power and long-term potential of our brand. I look forward to rebuilding our operations and coming together to once again create the magical spectacle that is Cirque du Soleil for our millions of fans worldwide.’

In a statement the company wrote: ‘Under the terms of the proposed Purchase Agreement, the Sponsors will inject US$300 million of liquidity into the restructured business to support a successful restart, provide relief for Cirque du Soleil’s affected employees and partners, and assume certain parts of the Company’s outstanding liabilities, including with respect to ticketholders affected by the cancellation of the shows.’

 

View this post on Instagram

 

The #CirqueConnect 60 minute special this week will be something truly spectacular! @1night1drop is an annual collaboration imagined by Cirque du Soleil and presented by @MGMResortsIntl in support of @1dropwater and this week we are showcasing stellar acts from 2 of these shows. Tune in Friday May 1st at 3pm ET (link in bio) ……. Cette semaine, le programme spécial de 60 minutes #CirqueConnect sera spectaculaire! One Night for One Drop est un événement philanthropique annuel imaginé par le Cirque du Soleil et présenté par MGM Resorts International pour supporter la fondation One Drop Connectez-vous ce vendredi, 15h HAE pour découvrir les meilleures performances de deux de ces spectacles!

A post shared by Cirque du Soleil (@cirquedusoleil) on

In a statement on Instagram, Cirque du Soleil said: ‘As we move forward, we know that you will have questions and we will continue to share information with you. If you already have tickets to a Cirque du Soleil show, these remain valid and you will be receiving an email providing further instructions. For all other questions, please refer to the FAQ section of our website.’

Image credit: Instagram/ cirquedusoleil

 






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